OTC: Offshore Industry Barometer For More Than 30 Years
The Offshore Technology Conference (OTC) annually attracts a global audience of leading engineers, managers, and scientists to the heart of the oil and gas industry. It was 1969 when OTC made its debut in Houston, a big year for the energy industry: oil was discovered in the North Sea; environmentalists were blocking the Trans-Alaskan pipeline that would bring North Slope oil supplies to the lower 48 states; oil rich countries in the Middle East and North Africa were demanding a bigger share of oil profits; and oil prices were positioned for takeoff. That inaugural event was modest by today’s standards, attracting just 4,200 offshore professionals and 125 exhibitors-less than one-tenth the turnout of recent years. Currently OTC is the offshore industry’s largest annual gathering.
Baker Hughes Profits Surge 456%
Driven by decade-high oil prices, industry leader Baker Hughes Incorporated reported operating profit after tax from continuing operations for the third quarter of 2000, excluding non-operational items, was $70.6 million, up 456% compared with $12.7 million for the third quarter of 1999, and up 72% compared with $41 million for the second quarter of 2000. Net income for the third quarter of 2000 was $66.7 million compared to $13.2 million for the third quarter of 1999. Results for the third quarter of 2000 include the impact of losses, net of tax, totaling $3.9 million related to the company's holdings of Varco International, Inc. stock and the sale of the Norward product line of Baker Atlas. Michael E.
People & Company News
Duramax Marine, a world leader in water-lubricated rubber bearings, recently broke ground on a new facility that will streamline the company's current manufacturing operations. The facility, with approximately 65,000 sq. ft. of factory and office space will consolidate production and administration into one centralized location in Troy Township, Ohio, approximately 40 miles south east of Cleveland. The expected grand opening will be the first quarter of 2001. Watson Coatings Inc. said that Gordon Watson, founder and CEO, retired on Nov. 2, 2000. Gordon founded Watson Coatings in 1987 with his wife Carol, and sons, Tom and Gary. Carol Watson will continue as Office Manager…
